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Pran Tiku. The Emerging Markets Handbook
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About the author
Preface
Acknowledgements
Introduction
The great global recession – emerging markets suffer and recover
Homeward bias vs. growth
Separating from the herd
Structure of the book
Ten drivers
Country by country
Sorting countries – standouts and struggling
Investment opportunities in selected countries
Summary
Chapter 1: What is an emerging market?
Definition
Millions of aspirants
Emerging markets – a bit of history
The great recession
Exhibit – Timeline
How institutions perceive emerging markets
Exhibit – How financial institutions define emerging markets
Criteria for selection of the 18 markets
Early-stage markets
Mature-stage markets
Chapter 2: Reasons to Invest in Emerging Markets
Key areas of development. Demographics
Rising middle class
Consistency of growth
Better fiscal conditions
Better inflation targeting
Rising currency values
Better banking systems
Open trade
Consumption and investment
Better political governance
More privatisation
Urbanisation
Technology and innovation
Higher savings rate
Deeper/broader financial markets
Better transparency
Reasons to be cautious
Chapter 3: Ten Drivers of Growth in Emerging Markets
1. Demographics
Demographic factors
Growth in population
Average age
Dependency ratio
Rate of migration to cities
Unemployment projection
2. Economic conditions
Economic factors
GDP year-on-year growth
GDP per capita
Inflation forecast
Foreign reserves
Investment as a percentage of GDP
Debt-to-GDP ratio
External/foreign debt-to-GDP ratio
3. Financial
Financial factors. Expansion of credit
Non-performing loan ratio
Foreign exchange (F/X) volatility
5YR CDS rates
Sovereign rating
4. Trade
Trade factors
Share of world exports
Trade balance (surplus/deficit)
Trade barriers
Dependence on exports
Reserves-to-import ratio
5. Political stability and governance
Political stability and governance factors
Economist Intelligence Unit (EIU) political risk
Alliant political and economic ranking
Freedom from corruption
Regulation freedom
Governance ranking
6. Business conditions
Business conditions factors. Ease of doing business rank
Starting a business rank
Role of state-owned enterprises
7. Technology, innovation and infrastructure development
Technology innovation and infrastructure factors. Innovation
Internet coverage and mobile
Digital divide
Patents
Transportation
Power
8. Human development
Human development factors. Spending on education and health
Investment in job skills
Percentage of population completing secondary education
Social ranking
9. Environment
Environmental factors. Environmental rank
10. Capital markets
Capital market factors. Capital markets
Foreign direct investment (FDI)
Chapter 4: China. Overview
Quick history
Current situation
Basic data
Growth factors. Economic
Exhibit 1 – GDP per capita PPP adjusted (US$)
Exhibit 2 – Year-on-year change in CPI
Exhibit 3 – Top 15 manufacturers by share of global manufacturing – large developing economies are increasing their share
Exhibit 4 – Investment as a percentage of GDP
Exhibit 5 – Debt as a percentage of GDP
Conclusion
Demographics
Exhibit 6 – Urban population of China and other countries in 2010 (%)
Conclusion
Financial
Exhibit 7 – Chinese Renminbi/US dollar performance over the last decade
Conclusion
Trade
Exhibit 8 – Balance of exports and imports
Conclusion
Political stability and governance
Conclusion
Business conditions
Conclusion
Technology, innovation and infrastructure
Exhibit 9 – Mobile penetration
Conclusion
Human development
Conclusion
Environment
Exhibit 10 – Environmental ranking percentile
Conclusion
Capital markets
Exhibit 11 – Hang Seng Index (in US$)
Exhibit 12 – Breakdown of China’s H-shares Index
Conclusion
In a nutshell. Strengths
Weaknesses
Our take
Chapter 5: South Korea. Overview
Quick history
Current situation
Basic data
Growth factors. Economic
Exhibit 1 – GDP per capita, PPP adjusted (US$)
Exhibit 2 – year-on-year change in CPI
Exhibit 3 – Year-on-year change in GDP
Exhibit 4 – FDI as a percentage of GDP
Exhibit 5 – Debt as a percentage of GDP
Conclusion
Demographics
Conclusion
Financial
Exhibit 6 – South Korean won/US dollar
Conclusion
Trade
Exhibit 7 – Balance of imports and exports (US$m)
Political stability and governance
Conclusion
Business conditions
Conclusion
Technology, innovation and infrastructure
Exhibit 8 – Investment as a percentage of GDP
Exhibit 9 – Mobile penetration
Conclusion
Human development
Exhibit 10 – Education spending as a percentage of GDP
Conclusion
Environment
Exhibit 11 – Environmental ranking percentile
Capital markets
Exhibit 12 – South Korea’s KOSPI Index
In a nutshell. Strengths
Weaknesses
Our take
Chapter 6: India. Overview
Quick history
Seeds of independence
Hindu vs. Muslim
Post-independence
Rebuilding the economy
Current situation
Basic data
Business wisdom from an Indian CEO on the frontline
Current account deficits running wild
Growth factors. Economic
Exhibit 1 – Growth in GDP per capita, PPP adjusted (US$)
Exhibit 2 – Year-on-year change in GDP
Exhibit 3 – FDI as a percentage of GDP
Exhibit 4 – Debt as a percentage of GDP
Exhibit 5 – GDP per capita from a sample of countries (2011 data, US$)
Conclusion
Demographics
Exhibit 6 – Proportion of urban and rural dwellers in Indian population
Exhibit 7 – Population growth projections
Exhibit 8 – Indian middle class as a percentage of population
Conclusion
Financial
Exhibit 9 – Indian rupee/US dollar in the last decade
Conclusion
Trade
Exhibit 10 – Balance of imports and exports (US$m)
Conclusion
Political stability and governance
Conclusion
Business conditions
Conclusion
Technology, innovation and infrastructure
Exhibit 11 – Rate of growth of internet usage
Conclusion
Human development
Exhibit 12 – Education spending as a percentage of GDP
Conclusion
Environment
Exhibit 13 – Environmental ranking percentile
Conclusion
Capital markets
Exhibit 14 – Bombay Sensex Index in the last 12 years
Exhibit 15 – Number of domestically listed companies in a sample of countries
Conclusion
In a nutshell. Strengths
Weaknesses
Our take
Chapter 7: Thailand. Overview
Quick history
Siam
Upheaval
Current situation
Growth factors. Economic
Exhibit 1 – GDP per capita, PPP adjusted (US$)
Exhibit 2 – Year-on-year change in GDP
Exhibit 3 – Debt as a percentage of GDP
Conclusion
Demographics
Conclusion
Financial
Exhibit 4 – Thai baht/US dollar in the last decade
Conclusion
Trade
Exhibit 5 – Balance of imports and exports (US$m)
Conclusion
Political stability and governance
Conclusion
Business conditions
Technology, innovation and infrastructure
Exhibit 6 – Mobile penetration
Exhibit 7 – Investment as a percentage of GDP
Conclusion
Human development
Exhibit 8 – Education spending as a percentage of GDP
Conclusion
Environment
Exhibit 9 – Environmental ranking percentile
Capital markets
Exhibit 10 – SET Index
In a nutshell. Strengths
Weaknesses
Our take
Chapter 8: Malaysia. Overview
Quick history
Second world war
Malaysian independence
Current situation
Basic data
Growth factors. Economic
Exhibit 1 – GDP per capita, PPP adjusted (US$)
Exhibit 2 – Year-on-year change in CPI
Exhibit 3 – Year-on-year growth in GDP
Exhibit 4 – FDI as a percentage of GDP
Exhibit 5 – Debt as a percentage of GDP
Exhibit 6 – Investment as a percentage of GDP
Conclusion
Demographics
Conclusion
Financial
Exhibit 7 – Malaysian ringgit/US dollar in the last decade
Conclusion
Trade
Exhibit 8 – Balance of imports and exports (US$m)
Political stability and governance
Conclusion
Business conditions
Conclusion
Technology, innovation and infrastructure
Exhibit 9 – Mobile penetration
Conclusion
Human development
Exhibit 10 – Education spending as a percentage of population
Conclusion
Environment
Exhibit 11 – Environmental ranking percentile
Capital markets
Exhibit 12 – Performance of the Kuala Lumpur Stock Index in the last 12 years
In a nutshell. Strengths
Weaknesses
Our take
Chapter 9: Indonesia. Overview
Quick history
The Spice Islands
The struggle for Indonesian democracy
Current situation
Basic data
Growth factors. Economic
Exhibit 1 – GDP per capita, PPP adjusted (US$)
Exhibit 2 – Year-on-year change in GDP
Exhibit 3 – year-on-year change in CPI
Exhibit 4 – Performance of Indonesia and other countries across key macro indicators (2012)
Exhibit 5 – Investment as a percentage of GDP
Exhibit 6 – FDI as a percentage of GDP
Conclusion
Demographics
Exhibit 7 – Decline in percentage of Indonesians living in poverty
Exhibit 8 – Growing expenditure on non-food items by Indonesians
Conclusion
Financial
Exhibit 9 – Indonesian rupiah/US dollar performance in the last decade
Conclusion
Trade
Exhibit 10 – Balance of imports and exports (US$m)
Conclusion
Political stability and governance
Conclusion
Technology, innovation and infrastructure
Exhibit 11 – Mobile penetration
Human development
Exhibit 12 – Education spending as a percentage of GDP
Conclusion
Environment
Exhibit 13 – Environmental ranking percentile
Conclusion
Capital markets
Exhibit 14 – Jakarta Stock Exchange market index
In a nutshell. Strengths
Weaknesses
Our take
Chapter 10: Philippines. Overview
Quick history
American control
The Philippine Republic
Current situation
Basic data
Growth factors. Economic
Exhibit 1 – GDP per capita, PPP adjusted (US$)
Exhibit 2 – Year-on-year change in CPI
Exhibit 3 – Year-on-year change in GDP
Exhibit 4 – Domestic investments as a percentage of GDP of the ASEAN-6 (1990 to 2011)
Exhibit 5 – FDI as a percentage of GDP
Conclusion
Demographics
Conclusion
Financial
Exhibit 6 – Philippine peso/US dollar performance in the last decade
Conclusion
Trade
Exhibit 7 – Balance of imports and exports (US$m)
Political stability and governance
Conclusion
Business conditions
Conclusion
Human development
Exhibit 8 – Education spending as a percentage of GDP
Exhibit 9 – Mobile penetration
Environment
Exhibit 10 – Environmental ranking percentile
Capital markets
Exhibit 11 – Philippines stock market performance
In a nutshell. Strengths
Weaknesses
Our take
Chapter 11: Russia. Overview
Quick history
Russia’s Golden Age
The Soviet Era
Khrushchev
Gorbachev and the dissolution of the USSR
The Russian Miracle
Current situation
Basic data
Growth factors. Economic
Exhibit 1 – GDP per capita
Exhibit 2 – Year-on-year change in CPI
Exhibit 3 – Investment as a percentage of GDP
Exhibit 4 – FDI as a percentage of GDP
Exhibit 5 – Debt as a percentage of GDP
Conclusion
Demographics
Conclusion
Financial
Exhibit 6 – Global retail development index rankings
Exhibit 7 – Number of credit cards used per person in Russia and other countries
Exhibit 8 – Russian rouble/US dollar performance over the last decade
Conclusion
Trade
Exhibit 9 – Balance of imports and exports (US$m)
Conclusion
Political stability and governance
Conclusion
Business conditions
Conclusion
Technology, innovation and infrastructure
Conclusion
Human development
Exhibit 10 – Education spending as a percentage of GDP
Exhibit 11 – Russian labour productivity as a percentage of US labour productivity
Conclusion
Environment
Exhibit 12 – Environmental ranking percentile
Conclusion
Capital markets
Exhibit 13 – Performance of the MICEX Index
Exhibit 14 – Overview of key Russian equity indices
Conclusion
In a nutshell. Strengths
Weaknesses
Our take
Chapter 12: Czech Republic. Overview
Quick history
Czechoslovakia
Communism arrives
The Velvet Revolution
Current situation
Basic data
Growth factors. Economic
Exhibit 1 – GDP per capita, PPP adjusted (US$)
Exhibit 2 – Year-on-year change in GDP
Exhibit 3 – Investment as a percentage of GDP
Exhibit 4 – FDI as a percentage of GDP
Exhibit 5 – Debt as a percentage of GDP
Conclusion
Demographics
Conclusion
Financial
Exhibit 6 – Czech koruna/US dollar performance over the last decade
Conclusion
Trade
Exhibit 7 – Balance of imports and exports (US$m)
Conclusion
Political stability and governance
Conclusion
Business conditions
Technology, innovation and infrastructure
Exhibit 8 – Mobile penetration
Exhibit 9 – Density of the rail and road network in European countries (km per square km, 2010)
Conclusion
Human development
Exhibit 10 – Education spending as a percentage of GDP
Conclusion
Environment
Exhibit 11 – Environmental ranking percentile
Capital markets
Exhibit 12 – Prague Stock Exchange Index
In a nutshell. Strengths
Weaknesses
Our take
Chapter 13: Hungary. Overview
Quick history
The push for independence
Two world wars
The Soviet Years
Current situation
Basic data
Growth factors. Economic
Exhibit 1 – GDP per capita, PPP adjusted (US$)
Exhibit 2 – Year-on-year change in CPI
Exhibit 3 – Year-on-year change in GDP
Exhibit 4 – Investment as a percentage of GDP
Exhibit 5 – FDI as a percentage of GDP
Conclusion
Demographics
Conclusion
Financial
Exhibit 6 – Hungarian forint/US dollar performance over the last decade
Conclusion
Trade
Exhibit 7 – Balance of exports and imports (US$m)
Conclusion
Political stability and governance
Conclusion
Business conditions
Conclusion
Technology, innovation and infrastructure
Exhibit 8 – Mobile penetration
Conclusion
Human development
Exhibit 9 – Education spending as a percentage of GDP
Conclusion
Environment
Exhibit 10 – Environmental ranking percentile
Capital markets
Exhibit 11 – Budapest Stock Exchange Index performance
In a nutshell. Strengths
Weaknesses
Our take
Chapter 14: Turkey. Overview
Quick history
The Ottoman Empire
Republic of Turkey
Current situation
Basic data
Growth factors. Economic
Exhibit 1 – Growth in GDP per capita, PPP adjusted (US$)
Exhibit 2 – Year-on-year change in GDP
Exhibit 3 – Investment as a percentage of GDP
Exhibit 4 – FDI as a percentage of GDP
Exhibit 5 – Debt as a percentage of GDP
Conclusion
Demographics
Conclusion
Financial
Exhibit 6 – Turkish lira/US dollar performance over the last decade
Conclusion
Trade
Exhibit 7 – Balance of imports and exports (US$m)
Exhibit 8 – Turkey’s trade with the world in 2010, 2011 and 2012
Conclusion
Political stability and governance
Conclusion
Business conditions
Conclusion
Technology, innovation and infrastructure
Exhibit 9 – Turkey’s top e-commerce companies
Turkey’s internet spring
Exhibit 10 – Mobile penetration
Exhibit 11 – Internet penetration in Turkey and other countries (per 100 people)
Human development
Exhibit 12 – Education spending as a percentage of GDP
Conclusion
Environment
Exhibit 13 – Environmental ranking percentile
Conclusion
Capital markets
Exhibit 14 – Istanbul National 100 Index returns
In a nutshell. Strengths
Weaknesses
Our take
Chapter 15: Poland. Overview
Quick history
War and decline
A free Poland
Under the Soviet thumb
Current situation
Basic data
Growth factors. Economic
Exhibit 1 – GDP per capita, PPP adjusted (US$)
Exhibit 2 – Year-on-year change in CPI
Exhibit 3 – Year-on-year change in GDP
Exhibit 4 – Investment as a percentage of GDP
Conclusion
Demographics
Conclusion
Financial
Exhibit 5 – Debt as a percentage of GDP
Exhibit 6 – Polish zloty/US dollar performance over the last decade
Conclusion
Trade
Exhibit 7 – Balance of imports and exports (US$m)
Conclusion
Political stability and governance
Conclusion
Business conditions
Conclusion
Technology, innovation and infrastructure
Exhibit 8 – Mobile penetration
Conclusion
Human development
Exhibit 9 – Education spending as a percentage of GDP
Conclusion
Environment
Exhibit 10 – Environmental ranking percentile
Capital markets
Exhibit 11 – Warsaw stock exchange returns
In a nutshell. Strengths
Weaknesses
Our take
Chapter 16: South Africa. Overview
Quick history
A British colony
The Boer Wars and the Union of South Africa
Apartheid
Current situation
Basic data
Growth factors. Economic
Exhibit 1 – GDP per capita, PPP adjusted (US$)
Exhibit 2 – Year-on-year change in CPI
Exhibit 3 – Year-on-year change in GDP
Exhibit 4 – FDI as a percentage of GDP
Exhibit 5 – Debt as a percentage of GDP
Conclusion
Demographics
Conclusion
Financial
Exhibit 6 – Investment as a percentage of GDP
Exhibit 7 – South African rand/US dollar performance over the last decade
Conclusion
Trade
Exhibit 8 – Balance of imports and exports (USD mn)
Conclusion
Political stability and governance
Conclusion
Business conditions
Conclusion
Technology, innovation and infrastructure
Exhibit 9 – Mobile penetration
Conclusion
Human development
Exhibit 10 – Education spending as a percentage of GDP
Environment
Exhibit 11 – Environmental ranking percentile
Capital markets
Exhibit 12 – Johannesburg Stock Exchange index returns
In a nutshell. Strengths
Weaknesses
Our take
Chapter 17: Mexico. Overview
Quick history
The Mexican Miracle
The Mexican Mess
NAFTA – the turning point
Help from the US
Current situation
Basic data
Growth factors. Economic
Exhibit 1 – GDP per capita, PPP adjusted (US$)
Exhibit 2 – Investment as a percentage of GDP
Exhibit 3 – Debt as a percentage of GDP
Exhibit 4 – FDI as a percentage of GDP
Conclusion
Demographics
Conclusion
Financial
Exhibit 5 – Mexican peso/USD performance
Conclusion
Trade
Exhibit 6 – Balance of imports and exports (US$m)
Conclusion
Political stability and governance
Conclusion
Business conditions
Conclusion
Technology, innovation and infrastructure
Exhibit 7 – Mobile penetration
Conclusion
Human development
Exhibit 8 – Education spending as a percentage of GDP
Conclusion
Environment
Exhibit 9 – Environmental ranking percentile
Conclusion
Capital markets
Exhibit 10 – Mexico Bolsa IPC Index returns
In a nutshell. Strengths
Weaknesses
Our take
Chapter 18: Brazil. Overview
Quick history
Slavery
Independence
Natural resources and exports
Military rule gives way to a republic once again
Current situation
Basic data
Growth factors. Economic
Exhibit 1 – GDP change year-on-year
Exhibit 2 – GDP per capita, PPP adjusted (US$)
Exhibit 3 – Year-on-year change in CPI
Exhibit 4 – Investment as a percentage of GDP
Conclusion
Demographics
Exhibit 5 – Private consumption in Brazil and other countries
Conclusion
Financial
Exhibit 6 – Mortgage penetration in Brazil
Exhibit 7 – FDI as a percentage of GDP
Exhibit 8 – Brazilian real/US dollar performance over the last decade
Conclusion
Trade
Exhibit 9 – Share of Brazil exports
Exhibit 10 – Balance of imports and exports (US$m)
Conclusion
Political stability and governance
Conclusion
Business conditions
Conclusion
Technology, innovation and infrastructure
Conclusion
Human development
Exhibit 11 – Education spending as a percentage of GDP
Conclusion
Environment
Exhibit 12 – Environmental ranking percentile
Conclusion
Capital markets
Exhibit 13 – Performance of the Bovespa Index over the last 12 years
Exhibit 14 – Sector market capitalisation (%)
Exhibit 15 – Global private equity penetration as a percentage of GDP (2010)
Conclusion
In a nutshell. Strengths
Weaknesses
Our take
Chapter 19: Colombia. Overview
Quick history
The fight to oust Spain
Independence
Drugs and resistance
Current situation
Basic data
Growth factors. Economic
Exhibit 1 – GDP per capita, PPP adjusted (US$m)
Exhibit 2 – Year-on-year change in CPI
Exhibit 3 – Year-on-year change in GDP
Exhibit 4 – FDI as a percentage of GDP
Exhibit 5 – Investment as a percentage of GDP
Conclusion
Demographics
Conclusion
Financial
Exhibit 6 – Debt as a percentage of GDP
Exhibit 7 – Colombian peso/US dollar performance over the last decade
Conclusion
Trade
Exhibit 8 – Balance of imports and exports (US$m)
Conclusion
Political stability and governance
Conclusion
Business conditions
Technology, innovation and infrastructure
Exhibit 9 – Mobile penetration
Conclusion
Human development
Conclusion
Environment
Exhibit 10 – Environmental ranking percentile
Capital markets
Exhibit 11 – Colombian stock exchange performance
In a nutshell. Strengths
Weaknesses
Our take
Chapter 20: Peru. Overview
Quick history
Viceroyalty of Peru
Independence and war
A tumultuous 20th century
Current situation
Basic data
Growth factors. Economic
Exhibit 1 – GDP per capita, PPP adjusted (US$)
Exhibit 2 – Year-on-year change in CPI
Exhibit 3 – Year-on-year change in GDP
Exhibit 4 – Investment as a percentage of GDP
Exhibit 5 – FDI as a percentage of GDP
Exhibit 6 – Peru’s external/foreign debt-to-GDP
Conclusion
Demographics
Conclusion
Financial
Exhibit 7 – Number of credit cards in public circulation
Exhibit 8 – Peruvian Nuevo Sol/US dollar performance over the last decade
Conclusion
Trade
Exhibit 9 – Balance of imports and exports (US$m)
Conclusion
Political stability and governance
Conclusion
Business conditions
Conclusion
Technology, innovation and infrastructure
Exhibit 10 – Mobile penetration
Conclusion
Human development
Exhibit 11 – Education spending as a percentage of GDP
Conclusion
Environment
Exhibit 12 – Environmental ranking percentile
Capital markets
Exhibit 13 – IGBVL index performance
In a nutshell. Strengths
Weaknesses
Our take
Chapter 21: Chile. Overview
Quick history
Independence from Spain
Ushering in the 20th century
Transitioning to democracy
Current situation
Basic data
Growth factors. Economic
Exhibit 1 – Growth in GDP per capita, PPP adjusted (US$)
Exhibit 2 – Year-on-year change in CPI
Exhibit 3 – Year-on-year change in GDP
Exhibit 4 – FDI as a percentage of GDP
Exhibit 5 – Debt as a percentage of GDP
Conclusion
Demographics
Conclusion
Financial
Exhibit 6 – Investment as a percentage of GDP
Exhibit 7 – Chilean peso/US dollar performance over the last decade
Conclusion
Trade
Exhibit 8 – Balance of imports and exports (US$m)
Conclusion
Political stability and governance
Conclusion
Business conditions
Conclusion
Technology, innovation and infrastructure
Exhibit 9 – Mobile penetration
Conclusion
Human development
Exhibit 10 – Education spending as a percentage of GDP
Conclusion
Environment
Exhibit 11 – Environmental ranking percentile
Capital markets
Exhibit 12 – Chile IPSA index performance
In a nutshell. Strengths
Weaknesses
Our take
Chapter 22: Ranking the 18 emerging markets. Introduction
Driver 1 – Demographics
Exhibit 1 – Demographic factors, population growth and median age
Driver 2 – Economics
Exhibit 2 – Economic factors, GDP per capita and growth
Driver 3 – Financial
Exhibit 3 – Financial factors, credit rating and implied currency volatility
Driver 4 – Trade
Exhibit 4 – Trade factors, WEF Enabling Trade Score and current account balance (m)
Driver 5 – Political stability and governance
Exhibit 5 – Political stability and governance factors, corruption perceptions and political/economic risk
Driver 6 – Business conditions
Exhibit 6 – Business conditions factor, ease of doing business
Driver 7 – Technology, innovation and infrastructure development
Exhibit 7 – Innovation and technology factor, global innovation
Driver 8 – Human development
Exhibit 8 – Human development factors, education spending and ESG score
Driver 9 – Environment
Exhibit 9 – Environmental factor, ESG score
Driver 10 – Capital markets
Exhibit 10 – Capital Markets Factor, World Economic Forum Financial Development score and foreign direct investment
Factor summary
Composite analysis
Country rankings
Chapter 23: Investment Vehicles
Stocks
Establish a foreign-denominated account
Depository receipts
Active and passive emerging markets funds
Passive funds: Exchange traded funds (ETFs)
Active funds
Emerging market bonds
Approaches to emerging market investment. Allocation approaches
Indirect approach
Macro approach
Growth and value investing
Summary
Chapter 24: The Companies and Industries of the Future
China: The Fiery Red Dragon
Automobliles
Food and beverage sector
Healthcare
Technology
South Korea
India: Tiger waiting to pounce
Information technology
Healthcare
Consumer market
Power and energy infrastructure
ASEANs: The emeralds of the equator
Thailand
Malaysia
Indonesia
Philippines
Eastern Europe/Russia: The Eastern Bloc looking for its identity
Russia
Czech Republic
Poland
Africa: The rainbow nation leads the continent
Finance
Agriculture
Energy
Brazil: An investment carnivale
Demographics
Retail
Education
E-commerce
Andean Region: The new land of the Incas
Copper
Gold
Chemicals
Oil
Mexico
Food
Consumer market
Conclusion
Sources. Books
Websites
Also from Harriman House. The 17.6 Year Stock Market Cycle: Connecting the Panics of 1929, 1987, 2000 and 2007
Africa: The Ultimate Frontier Market
Deep Value Investing: Finding bargain shares with big potential
Free Capital: How 12 private investors made millions in the stock market
Money, Blood and Revolution: How Darwin and the doctor of King Charles I could turn economics into a science
The Origin of Financial Crises
